Vietnam Industry October 2019

Vietnam

Vietnam: Industrial production growth ebbs in October

October 29, 2019

Industrial production rose 9.2% in October year-on-year, down from September’s revised 9.9% growth (previously reported: 10.2% yoy). October’s deceleration was driven by slower growth in the manufacturing and water supply sectors. That said, manufacturing readings continue to fare extremely favorably compared to regional peers.

Industrial production growth should remain buoyant going forward, spearheaded by a burgeoning manufacturing sector. Vietnam is an attractive low-cost base for manufacturing firms, including those looking to relocate from China due to the U.S.-China trade spat, thanks to a cheap workforce and business-friendly government.

FocusEconomics Consensus Forecast participants estimate that industrial output will grow 8.7% in 2020 and 8.8% in 2021.


Author:, Economist

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Vietnam Industry October 2019

Note: Year-on-year variation of industrial production index in %.
Source: General Statistics Office of Vietnam (GSO) and FocusEconomics calculations.


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